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Phoenix Mills has announced its plans to invest over Rs 2,000 crore in the current fiscal year 2023-2024 to support the ongoing expansion of its portfolio in key cities across the nation, including Pune, Bengaluru, Kolkata, and Surat. In the previous fiscal year 2022-2023, the retail-led mixed development company has already contributed more than Rs 1,400 crore towards the development of these projects.
As part of its expansion strategy, the company is set to open two new destination malls this year in Pune and Bengaluru, offering a combined leasable space of 2.4 million square feet. This development will propel the company to become the largest mall developer and operator in the country, with approximately 11 million square feet of operational retail space. In addition to the current plan, the company aims to expand its portfolio of retail properties in Navi Mumbai, Thane, Hyderabad, the National Capital Region, Chandigarh, and Jaipur. There are also early growth plans being considered for locations such as Nagpur, Goa, and Vizag.
The Phoenix Mills intends to finance its ongoing expansion through internal accruals. The company experienced significant growth in the previous fiscal year, with a 452% increase in consolidated net profit to Rs 1,477 crore, driven by a 78% increase in operating revenue to Rs 2,638 crore. Retail spending at its properties saw a remarkable surge of 133% compared to pre-pandemic levels in 2019-20, reaching Rs 9,248 crore, marking the highest annual consumption ever recorded. So far, the company has developed over 19 million square feet of space across various asset classes, including retail, hospitality, business, and residential.
Currently, The Phoenix Mills operates ten malls encompassing more than 8 million square feet of retail space in seven gateway cities in India. Furthermore, the company is actively working on constructing four new malls in four significant cities nationwide, along with expanding its existing retail space by an additional 5 million square feet. To enhance its retail destinations, the developer is incorporating Grade A offices into its portfolio. At present, the company's operational office portfolio comprises a gross leasable area of approximately 2 million square feet, while its under-construction office portfolio spans over 5 million square feet.
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